Continental Realty Corporation acquired The Grand Reserve at Tampa Palms apartment complex. Purchased via its Continental Realty Fund IV, the firm paid $65.5m for the 390-unit property, located at 16616 Palm Royal Dr. in Tampa. Built in 1999 on a 41-acre site, the gated community features 15, three-story garden buildings with one-, two-, three- and four-bedroom floorplans ranging from 890 to 1,800 sq ft. The asset was purchased from Prudential Real Estate Investors and marks the the fourth residential community and eighth overall asset purchased by the fund.
“The Grand Reserve at Tampa Palms represented a tremendous opportunity to acquire an apartment community in one of the most desirable areas of Tampa,” said J.M. Schapiro, CEO of Continental Realty Corporation. “We intend to renovate the apartment interiors with high-end finishes, as well as upgrade the common area amenities to make Grand Reserve the top luxury community in Tampa Palms. We were attracted to market fundamentals that include a 6.8-percent annual rent growth, total apartment occupancy that hovers above 96 percent, and the relative lack of new apartment units.”
